Broadbent said: "If you look at the past six to 12 months, economic growth has been okay and the employment rate good. Unemployment has drifted down a little … and inflation is higher.”

How to get the best exchange rate: 7 top tips

Sterling is set to remain volatile due to Brexit uncertainty. Here finance experts reveal how to get the most for your travel money, take a look through the gallery.

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Top tips for getting the best exchange rate

After the dramatic fall yesterday Caxton FX Analysis Alexandra Russell-Oliver said: “Sterling fell to a new low against the euro since November after BoE Deputy Governor Ben Broadbent said in an interview that he doesn’t yet think it’s time to raise interest rates.

"Sterling then received a small boost on the back of this morning’s employment data, enabling it to reclaim 1.1200.”

Thankfully this boost has continued into today and the exchange rate is currently trending upwards.

Speaking exclusively to the Daily Star Online, Retail Director at No1 Currency, Simon Phillips said: “If you’re yet to book a holiday, you could consider going somewhere further afield this year where your pound will stretch further.

Regardless of the rate, holiday goers should be increasingly savvy when buying foreign currency.

“While the exchange rate remains an important factor when choosing a holiday, it’s not the only one.

"When changing your sterling, always make sure to compare currency rates online to get the best possible deal."